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Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common and Nonvoting Common Stock

Except as described below, CSC did not issue common shares through external offerings during the years ended December 31, 2025, 2024, or 2023.

In conjunction with its acquisition of Ameritrade in 2020, the Company issued shares of a nonvoting class of CSC common stock to TD Bank and its affiliates. Each share of nonvoting common stock has identical rights to common stock, including liquidation and dividend rights, except that holders of nonvoting common stock have no voting rights other than over matters that significantly and adversely affect the rights or preferences of the nonvoting common stock, or as required by applicable law. Holders of nonvoting common stock are restricted from transferring shares except for permitted inside or outside transfers, as defined in the Company’s certificate of incorporation. Shares of nonvoting common stock transferred in a permitted outside transfer are automatically converted to shares of common stock.

On February 12, 2025, TD Group US Holdings LLC, an affiliate of TD Bank, completed a secondary public offering of the Company’s common shares through which TD Group US Holdings LLC sold 133.8 million shares of the Company’s common stock and 31.7 million shares of the Company’s nonvoting common stock, which automatically converted into common stock. The offering was completed at a price of $79.25 per share, for an aggregate amount of $13.1 billion. The Company did not receive any of the proceeds from this sale.

Concurrent with the completion of the secondary offering, and pursuant to a repurchase agreement dated February 9, 2025, the Company repurchased directly from TD Group US Holdings LLC its remaining 19.2 million shares of nonvoting common stock at a price of $77.982 per share for an aggregate repurchase amount of $1.5 billion, which settled on February 12, 2025. The shares of nonvoting common stock automatically converted into common stock upon repurchase and transferred to treasury stock, reducing the number of shares outstanding. These shares were purchased under CSC’s previous $15.0 billion share repurchase authorization.

Through the completion of the secondary offering and the Company’s repurchase of nonvoting common stock, TD Bank disposed of all of its common shares of CSC and as of February 12, 2025, the Company had no remaining nonvoting common stock outstanding.

CSC repurchased an additional 3.9 million shares of its common stock for $351 million under its previous $15.0 billion share repurchase authorization during the year ended December 31, 2025. There were no repurchases of CSC’s common stock during the year ended December 31, 2024, and CSC repurchased 37 million shares of its common stock for $2.8 billion during the year ended December 31, 2023, under the previous share repurchase authorization. On July 24, 2025, CSC publicly announced that its Board of Directors approved a share repurchase authorization to repurchase up to $20.0 billion of common stock, replacing the previous and now terminated share repurchase authorization of up to $15.0 billion of common stock. The new share repurchase authorization does not have an expiration date. During the year ended December 31, 2025, CSC repurchased 58.2 million shares of its common stock under the new authorization for $5.5 billion. As of December 31, 2025 approximately $14.5 billion remained on the new authorization.

Common stock repurchases, net of issuances, are subject to a nondeductible excise tax which is recognized as a direct and incremental cost associated with these transactions. The tax is recorded as part of the cost basis of the treasury stock repurchased, resulting in no impact to the consolidated statements of income.

Preferred Stock

On June 2, 2025, the Company redeemed all of the 24,580 outstanding shares of its fixed-rate reset non-cumulative perpetual preferred stock, Series G, and the corresponding 2,457,964 depositary shares, each representing a 1/100th interest in a share of the Series G preferred stock. The depositary shares were redeemed at a redemption price of $1,000 per depositary share for a total of $2.5 billion. The difference between the total redemption price and the prior carrying value of the Series G preferred stock resulted in a $30 million deemed dividend that was included in the calculation of EPS.

There were no redemptions or repurchases of CSC’s preferred stock during the year ended December 31, 2024.

During the year ended December 31, 2023, the Company repurchased 11,620 depositary shares representing interests in Series F preferred stock for $11 million, 42,036 depositary shares representing interests in Series G preferred stock for $42 million,
273,251 depositary shares representing interests in Series H preferred stock for $235 million, and 194,567 depositary shares representing interests in Series I preferred stock for $179 million on the open market. The repurchase prices are inclusive of $3 million of dividends accrued by the stockholders as of the repurchase date.

CSC was authorized to issue 9,940,000 shares of preferred stock, $.01 par value, at December 31, 2025 and 2024. The following is a summary of CSC’s non-cumulative perpetual preferred stock issued and outstanding as of such dates:
Dividend Rate in Effect at December 31, 2025Date at Which Dividend Rate Resets or Becomes FloatingReset /
Floating Rate		Margin Over Reset / Floating Rate
Shares Issued and Outstanding (in ones) at December 31,Liquidation Preference Per ShareCarrying Value at December 31,Earliest Redemption Date
2025 (1)
2024 (1)
20252024Issue Date
Fixed-rate:
Series D750,000 750,000 $1,000 $728 $728 03/07/165.95%06/01/21N/AN/AN/A
Series J600,000 600,000 1,000 584 584 03/30/214.450%06/01/26N/AN/AN/A
Fixed-to-floating rate/Fixed-rate reset:
Series F4,884 4,884 100,000 481 481 10/31/175.000%12/01/2712/01/27
3M LIBOR (5)
2.575%
Series G (2)
— 24,580 — — 2,428 04/30/20—— — — — 
Series H (3)
22,267 22,267 100,000 2,200 2,200 12/11/204.000%12/01/3012/01/30
10-Year Treasury
3.079%
Series I (4)
20,554 20,554 100,000 2,030 2,030 03/18/214.000%06/01/2606/01/26
5-Year Treasury
3.168%
Series K (4)
7,500 7,500 100,000 740 740 03/04/225.000%06/01/2706/01/27
5-Year Treasury
3.256%
Total preferred
  stock		1,405,205 1,429,785 $6,763 $9,191 
(1) Represented by depositary shares.
(2) Series G was redeemed on June 2, 2025.
(3) The dividend rate for Series H resets on each ten-year anniversary from the first reset date.
(4) The dividend rate for Series I and Series K resets on each five-year anniversary from the first reset date.
(5) The reset/floating rate for Series F will be determined by the calculation agent prior to the commencement of the floating rate period using what the calculation agent determines to be the industry-accepted substitute or successor base rate to LIBOR.
N/A Not applicable.

Dividends declared on the Company’s preferred stock are as follows:
Year Ended December 31,202520242023
Total
Declared
(in millions)		Per Share
Amount		Total
Declared
(in millions)		Per Share
Amount
Total
Declared (1)
(in millions)
Per Share
Amount
Series D$44.6 $59.52 $44.6 $59.52 $44.6 $59.52 
Series F24.4 5,000.00 24.3 5,000.00 24.3 5,000.00 
Series G (2)
66.0 2,687.50 132.2 5,375.00 132.2 5,375.00 
Series H
89.1 4,000.00 89.1 4,000.00 90.4 4,000.00 
Series I
82.3 4,000.00 82.3 4,000.00 82.8 4,000.00 
Series J
26.7 44.52 26.7 44.5226.7 44.52
Series K
37.4 5,000.00 37.4 5,000.00 37.4 5,000.00 
Total$370.5 $436.6 $438.4 
(1) Excludes $3 million of dividends declared on Series G, Series H, and Series I, and accrued by stockholders as of the repurchase date. Such dividends are part of the consideration paid upon repurchase of the depositary shares during the year ended December 31, 2023.
(2) Series G was redeemed on June 2, 2025. Prior to redemption, dividends were paid quarterly. The final dividend was paid on June 2, 2025.

Dividends on CSC’s preferred stock are not cumulative and will only be paid on a series of preferred stock for a dividend period if declared by CSC’s Board of Directors. Under the terms of each series of preferred stock, CSC’s ability to pay dividends on, make distributions with respect to, or to repurchase, redeem or acquire its common stock or any preferred stock ranking on parity with or junior to the series of preferred stock, is subject to restrictions in the event that CSC does not declare and either pay or set aside a sum sufficient for payment of dividends on the series of preferred stock for the immediately preceding dividend period.

Dividends on fixed-rate and fixed-rate reset preferred stock are payable quarterly. Dividends on fixed-to-floating-rate preferred stock are payable semi-annually while at a fixed-rate and will become payable quarterly after converting to a floating rate.
Redemption Rights

Each series of CSC’s preferred stock may be redeemed at CSC’s option on any dividend payment date on or after the earliest redemption date for that series. All outstanding preferred stock series may also be redeemed following a “capital treatment event,” as described in the terms of each series set forth in the relevant certificate of designations. Any redemption of CSC’s preferred stock is subject to approval from the Federal Reserve.